Interest is considered to be a strong haraam and a grave sin, but isn’t interest needed as a fundamental basis for starting a bank and being able to hand out loans?

Q: Interest is considered to be a strong haraam and a grave sin, but isn’t interest needed as a fundamental basis for starting a bank and being able to
hand out loans?

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A: This is on the basis of disbelief and as a result of the corrupt capitalistic mindset.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)